The additional tariff announced by the US will impact about 55% of Indian exports to the world’s biggest economy, minister of state for finance Pankaj Chaudhary told the Lok Sabha on Monday.
In a written reply, Chaudhary said, “The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, exporters, MSMEs etc. and will take all necessary steps to secure our national interest.”
The US is India’s biggest market, having accounted for a fifth of its total merchandise exports of $437 billion in FY25.
The commerce ministry, Chaudhary said, is engaging stakeholders, including exporters and industry players, to have their inputs on the situation.
The initial 25% extra US tariff on India was to be applicable from August 7. The Trump administration has also announced the imposition of another 25% tariff on India for its continued imports of crude oil from Russia.
For its part, India has pointed at the continuance of massive energy imports by the EU from Russia even after the Ukraine war. The US, too, continues to import goods of its interest from Russia.
Chaudhary said reciprocal tariffs at varying rates have been imposed by the US on imports from all countries.
“Combination of different factors such as product differentiation, demand, quality, contractual arrangements would determine the impact on India’s exports,” Chaudhary added.
In a written reply, Chaudhary said, “The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, exporters, MSMEs etc. and will take all necessary steps to secure our national interest.”
The US is India’s biggest market, having accounted for a fifth of its total merchandise exports of $437 billion in FY25.
The commerce ministry, Chaudhary said, is engaging stakeholders, including exporters and industry players, to have their inputs on the situation.
The initial 25% extra US tariff on India was to be applicable from August 7. The Trump administration has also announced the imposition of another 25% tariff on India for its continued imports of crude oil from Russia.
For its part, India has pointed at the continuance of massive energy imports by the EU from Russia even after the Ukraine war. The US, too, continues to import goods of its interest from Russia.
Chaudhary said reciprocal tariffs at varying rates have been imposed by the US on imports from all countries.
“Combination of different factors such as product differentiation, demand, quality, contractual arrangements would determine the impact on India’s exports,” Chaudhary added.
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